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PRMIA ORM Certificate - 2023 Update Sample Questions (Q32-Q37):

NEW QUESTION # 32
Process mapping is:

• A. A good visualization tool for understanding where hand-offs and hand-ins may occur.
• B. A helpful tool for understanding where control gaps may exist.
• C. A useful tool for understanding process intensive activities.
• D. All of the above.

Answer: D

Explanation:
Process Mapping is a risk management tool used to visualize workflows, identify inefficiencies, and detect control gaps. PRMIA defines process mapping as an essential operational risk management tool.
Step 1: Understanding Process Mapping
Helps analyze complex, process-intensive activities (Option A).
Reveals control weaknesses that could lead to operational risks (Option B).
Improves hand-offs and collaboration between teams (Option C).
Step 2: Why "All of the Above" is Correct
Process mapping serves multiple risk management purposes, making all listed options valid.
PRMIA Risk Reference Used:
PRMIA Operational Risk Management Guidelines - Recommends process mapping to identify inefficiencies and control gaps.
PRMIA Risk Governance Framework - Encourages visualization tools for process improvement.
Final Conclusion:
Process mapping improves risk awareness, identifies control gaps, and enhances operational workflows, making Option D the correct answer.

 

NEW QUESTION # 33
What are some of the deficiencies associated with bottom-up Key Risk Indicators?

• A. Causal affects that are not adequately understood.
• B. Mandates from a board that are too restrictive to implement.
• C. Lack of granularity.
• D. Not reported frequently enough.

Answer: A

Explanation:
Definition of Bottom-Up Key Risk Indicators (KRIs)
Bottom-up KRIs are generated from operational-level data rather than high-level strategic indicators.
They are useful for monitoring localized risks but may fail to capture broad risk drivers.
Key Deficiencies of Bottom-Up KRIs
Lack of clarity on causal relationships - These indicators may detect risk trends but fail to explain root causes.
Focus on micro-level risks - They may miss systemic or enterprise-wide risk interactions.
Why Answer B is Correct
Bottom-up KRIs may indicate changes in risk levels but lack insight into the underlying causes, leading to reactive rather than proactive risk management.
Why Other Answers Are Incorrect
Option
Explanation:
A . Mandates from a board that are too restrictive to implement.
Incorrect - Board mandates apply to top-down governance, not bottom-up KRIs.
C . Not reported frequently enough.
Incorrect - Reporting frequency is an issue but not the primary deficiency; rather, it's the lack of causal insight.
D . Lack of granularity.
Incorrect - Bottom-up KRIs tend to be highly detailed (granular), making this answer incorrect.
PRMIA Reference for Verification
PRMIA Key Risk Indicator Best Practices
Basel Committee's Risk Measurement and Reporting Framework

 

NEW QUESTION # 34
Team supervisors are key in the development and maintenance of the risk culture because they are:

• A. Connected with every employee, every day, and can ensure desired behaviors are followed by all.
• B. Visible to regulators and can describe the firm's risk culture to their board.
• C. More experienced than the employees that report to them.
• D. Visible to regulators and can describe the firm's risk culture to inspection teams.

Answer: A

Explanation:
Team supervisors play a critical role in shaping and maintaining an organization's risk culture. PRMIA's Risk Governance Framework and Risk Culture Principles emphasize that supervisors act as the link between risk policies and frontline employees, ensuring that risk-aware behaviors are consistently followed.
Step 1: Role of Supervisors in Risk Culture Development
Supervisors engage with employees daily, providing guidance on risk-based decision-making.
They reinforce risk policies, standards, and expectations set by senior management.
Supervisors identify behavioral trends that may indicate risk culture weaknesses.
Step 2: Supervisors as Enforcers of Risk Culture
PRMIA's Risk Culture Framework stresses that risk culture must be embedded into daily operations through supervisor-led enforcement.
Supervisors monitor, correct non-compliant behaviors, and provide ongoing risk awareness training.
Their proximity to employees allows them to detect early warning signs of risk issues.
Step 3: Why the Other Options Are Incorrect
Option A: "More experienced than the employees that report to them."
Experience alone does not establish or maintain a risk culture.
A risk culture is about behaviors and practices, not just expertise.
Option B: "Visible to regulators and can describe the firm's risk culture to inspection teams." While supervisors may interact with regulators, their primary role is to engage with employees daily rather than acting as spokespersons.
Option D: "Visible to regulators and can describe the firm's risk culture to their board." Boards typically rely on Chief Risk Officers (CROs) or senior executives to communicate risk culture, not direct supervisors.
PRMIA Risk Reference Used:
PRMIA Risk Culture Framework - Highlights the role of supervisors in ensuring risk-aware behaviors.
PRMIA Risk Governance Framework - Stresses that frontline supervisors must enforce risk management policies.
PRMIA Risk Awareness Guidelines - Reinforces daily interaction as a key factor in maintaining a strong risk culture.
Final Conclusion:
Supervisors directly influence employees' behaviors and ensure that risk culture is consistently followed, making Option C the correct answer.

 

NEW QUESTION # 35
For which of the following reasons did the Turnbull Report have a significant impact on risk governance?

• A. It was a report that led to the establishment of the US Federal Reserve.
• B. It defined the concept of risk governance for the insurance industry.
• C. It was the first report to list the board as a proposed governance structure.
• D. It was the first report to require a board to take specific account of risks and control systems for risks.

Answer: D

Explanation:
Step 1: What Is the Turnbull Report?
The Turnbull Report (1999) was a UK corporate governance report that set risk management expectations for boards.
It required companies to assess and manage risks effectively as part of corporate governance.
Step 2: Why Option C is Correct
Turnbull was the first report to mandate that boards must consider risk management in corporate governance.
This report established risk assessment as a board-level responsibility.
Step 3: Why the Other Options Are Incorrect
Option A ("Defined risk governance for insurance") → Incorrect because Turnbull applied to all sectors, not just insurance.
Option B ("First report to propose board structure") → Incorrect because corporate boards existed long before Turnbull.
Option D ("Led to the US Federal Reserve") → Incorrect because the Federal Reserve was established in 1913, long before Turnbull.
PRMIA Risk Reference Used:
PRMIA Corporate Governance Guidelines - Highlights Turnbull's role in board-level risk oversight.
UK Corporate Governance Code - Turnbull contributed to defining board risk responsibilities.
Final Conclusion:
The Turnbull Report was the first to require boards to consider risks in corporate governance, making Option C the correct answer.

 

NEW QUESTION # 36
The acronym ESG can stand for:

• A. Extra Social Governance.
• B. Environmental. Strategy, and corporate Governance.
• C. Enhanced Social Governance.
• D. Environmental. Social and corporate Governance.

Answer: D

Explanation:
Step 1: Definition of ESG
ESG (Environmental, Social, and Corporate Governance) refers to the three core factors used to evaluate a company's sustainability and ethical impact.
ESG is now a key part of risk management, influencing investment decisions, regulatory compliance, and corporate strategy.
Step 2: Breakdown of ESG Components
Environmental (E): Climate change, carbon emissions, resource management.
Social (S): Diversity & inclusion, labor rights, community engagement.
Governance (G): Board structure, executive pay, corporate ethics.
Step 3: Why the Other Options Are Incorrect
Option A ("Environmental, Strategy, and Corporate Governance")
Incorrect because Strategy is not part of ESG.
Option C ("Enhanced Social Governance")
Incorrect because ESG covers more than just social governance.
Option D ("Extra Social Governance")
Incorrect as it does not align with the recognized ESG definition.
PRMIA Risk Reference Used:
PRMIA ESG Risk Management Guidelines - Defines ESG factors as Environmental, Social, and Governance.
PRI (Principles for Responsible Investment) - Aligns ESG with financial risk management.

 

NEW QUESTION # 37
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